The "versatile" Fit won the "Best Subcompact for the Money" and Best Hatchback for the Money awards over all other 2013 vehicles sold in the U.S.

"The Fit brings truth to the concept that big things can come in small packages," said Mike Accavitti , vice president of national marketing operations, American Honda Motor Co., Inc in the company press release. "With an amazingly roomy interior, snappy styling, great driving dynamics and industry-leading Honda quality, Fit proves that small cars can provide value well beyond their size."

The "Best Cars for the Money" awards combine "quality and value data" together according to the U.S. News & World Report website. The vehicle with the highest score for each of the 21 award categories wins the "Best Car for the Money" award for that specific class.

The judges analyze quality by the overall score the model achieved in the U.S. News car rankings at the time the awards are decided on according to the press release.

The rankings, which are updated on a monthly basis, compare different cars based on reliability, safety, and options by automotive experts.

The Honda Fit has built quite a following over the past seven years since the first model was introduced, and recently the 2013 version earned a Top Safety Pick rating from the Insurance Institute for Highway Safety, as well as the 2013 Residual Value Award from ALG.

Standard features that come equipped with the five- passenger vehicle include cruise control, air conditioning, a USB audio interface and a Radio Data System.